Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Microsoft (MSFT) has confirmed that it has held talks with ByteDance to acquire TikTok in the U.S. In a statement, Microsoft said that, "Following a conversation between Microsoft CEO Satya Nadella and President Donald J. Trump, Microsoft is prepared to continue discussions to explore a purchase of TikTok in the United States. Microsoft fully appreciates the importance of addressing the President's concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury. Microsoft will move quickly to pursue discussions with TikTok's parent company, ByteDance, in a matter of weeks, and in any event completing these discussions no later than September 15, 2020. [...] The operating model for the service would be built to ensure transparency to users as well as appropriate security oversight by governments in these countries. Among other measures, Microsoft would ensure that all private data of TikTok's American users is transferred to and remains in the United States. To the extent that any such data is currently stored or backed-up outside the United States, Microsoft would ensure that this data is deleted from servers outside the country after it is transferred." 2. Marathon Petroleum (MPC) announced that it and certain of its subsidiaries have entered into a definitive agreement with 7-Eleven, a wholly owned, indirect subsidiary of Seven & i Holdings, whereby 7-Eleven will acquire Speedway for $21B in cash. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory approvals. 3. On Wednesday, Alphabet's (GOOG; GOOGL) Sundar Pichai, Amazon's (AMZN), Apple's (AAPL) Tim Cook, and Facebook's (FB) Mark Zuckerberg were hauled in front of a virtual Congressional hearing, where they were subjected to more than five hours of cantankerous questions from both sides of the aisle, Eric Savitz wrote in this week's edition of Barron's. But investors basically ignored the proceedings, with all four stocks rising as the hearings went on, the author noted. Less than 24 hours later, investors' confidence was validated, when the same four companies reported their June quarter earnings, posting "impressive, Street-beating sales and profits," he added. Ultimately, there are still regulatory risks for all of these stocks, but the risks seem increasingly modest compared with the enduring appeal of big tech's businesses, the publication contended. 4. Apple is pushing for huge rent reductions across its UK stores despite its sales soaring to new heights during the lockdown, The Sunday Times' Sam Chambers reported. The tech giant has told landlords of a portion of its 38-store estate in the U.K. that it wants rents slashed by up to 50% and a rent-free period. In return, it has offered to extend leases by a few years, the author noted. 5. AutoNation (AN), Group 1 Automotive (GPI) and CarMax (KMX) saw positive mentions in this week's edition of Barron's.